limited liability company
events causing dissolution
an event specified in the operating agreement all members consent and dissolve the passage of 90 days without any LLC members
Operation agreement
document filed with the state that creates an LLC
advantages of a LLC
limited liability and full management flexible managment one person llc pass through taxation liability is limited to a persons investment
elements of articles of organization
name of LLC name and address of members recitals address of business term purpose meeting and voting
low profit limited liability company
organized for a social purpose; profit making is secondary
limited liability company
provides full protection for its members from all personal liability whether arising from tort or contract
disadvantage of LLC
transferability formation can be expensive